Hong Kong’s ultra-luxury property market has experienced a US$3 billion buying spree in the past 19 months, with mainland Chinese buyers accounting for approximately 80% of the 35 transactions valued at HK$300 million or more, according to property consultancy Savills.
This shift in ownership reflects a transition from local property-industry tycoons to mainland investors who have amassed wealth in emerging sectors such as artificial intelligence, fintech, gaming, healthcare, and logistics.
Thomas See, Savills’ director and head of residential sales, noted that these buyers primarily hail from industries that either thrived during or post-pandemic.
Among the super-prime properties, 24 were situated on Hong Kong Island - including prestigious locations such as The Peak, Jardine’s Lookout, and the Southside - while 11 were in Kowloon’s Kai Tak and Kowloon Tong districts.
Notable recent transactions include a HK$465.8 million purchase in April by the wife of Meitu’s co-founder, Mike Cai Wensheng.
The 5,466 sq ft detached house at 8 Perkins Road in Jardine’s Lookout was acquired at a 22% discount to the HK$600 million asking price. Forbes estimates the Meitu executive’s net worth at approximately US$1.1 billion.
In the same month, Qiu Jianlin, chairman of Zhejiang Hengyi Group, a mainland industrial firm specialising in petrochemicals and chemical fibre raw materials, acquired a 6,071 sq ft detached residence in the luxury Pokfulam 138 project for HK$300 million, Land Registry records show.
Over half of these super-luxury deals were first-hand sales, while the remainder involved sellers facing financial difficulties, including five properties in receivership, said See. “Most of the secondary transaction sellers were property-related, or had been active in the market during its peak,” he added.
Five deals surpassed the HK$1 billion mark. Three were new units at Mont Verra, a Kerry Properties development atop Beacon Hill in Kowloon Tong.
Another was a 16,700 sq ft multi-storey townhouse at 28 Peak Road, sold in October for HK$1.05 billion to Zhansheng Network Technology, a subsidiary of a Chinese interactive entertainment and gaming platform.
This asset was mortgagee stock previously owned by the Ho Shung-pun family, a low-profile real estate developer clan.
See explained that these sellers were motivated by losses in commercial real estate and property-related bond investments.
In March, a penthouse in the city’s most expensive residential building, Opus Hong Kong, sold for HK$512 million.
Chen Changwei, chairman of Hengli Investments, which develops and manages properties across China, Hong Kong, and London, sold the unit to Harbour Sky Group.